Swiss Re steps away from coal insurance business

first_imgSwiss Re steps away from coal insurance business FacebookTwitterLinkedInEmailPrint分享Greentech Media:Swiss Re took a step forward this week in its commitment to manage carbon-related sustainability risks and support the transition to a low-carbon economy. As of Monday, the Zurich-based firm no longer provides insurance or reinsurance to businesses with more than 30 percent exposure to thermal coal.The thermal coal policy announced in June 2017 was based on Swiss Re’s pledge to adopt the principles of the Paris climate agreement in 2015, which seeks to keep global warming under 2 degrees Celsius. As part of that commitment, “Swiss Re supports a progressive and structured shift away from fossil fuels,” according to a company statement.The thermal coal policy applies to both new and existing thermal coal mines and power plants, and is implemented across all lines of business and Swiss Re’s global scope of operations. The policy is an integral part of Swiss Re’s Sustainability Risk Framework, which the reinsurer uses for all underwriting and investment activities.The 30 percent threshold on Swiss Re’s insurance practice is in line with the threshold on the firm’s investment practice. As of 2016, Swiss Re stopped investing in companies that generate 30 percent or more of their revenues from thermal coal mining or that use at least 30 percent thermal coal for power generation. The reinsurer also divested from existing holdings.Swiss Re isn’t the only insurance firm to restrict its participation in the coal sector in recent months. In May, Germany’s Allianz stopped insuring single coal-fired power plants and coal mines, in response to criticism from environmental groups. Dai-ichi Life Insurance recently became the first Japanese institution to stop financing coal-fired power plants overseas, and Nippon Life Insurance is considering limits on coal plant financing.More: Swiss Re stops insuring businesses with high exposure to thermal coallast_img read more

RPPTL authorized for five new positionsfor upcoming session

first_img February 1, 2006 Regular News RPPTL authorized for five new positions for upcoming session RPPTL authorized for five new positionsfor upcoming sessioncenter_img The Real Property, Probate and Trust Law Section has been authorized by the Bar Board of Governors to add five items to its legislative lobbying platform for the upcoming 2006 Regular Session of the Florida Legislature.Under Bar rules, sections are given great latitude on lobbying issues, with the board only exercising general oversight to ensure a section position does not conflict with a Bar position or cause deep philosophical divisions among Bar members.The board authorized the following RPPTL positions at its December meeting:• Supports legislation to clarify the law to ensure that communications between a lawyer and client acting as a fiduciary in estate- and trust-related matters are privileged to the same extent as if the client were not acting as a fiduciary.• Supports legislation to clarify that the discretionary power of a trustee to reimburse a trust settlor for income taxes owed by the settlor on trust income taxable to the settlor under federal income tax law, but not actually received by the settlor, does not alone result in subjecting the allowable reimbursement to claims of the settlor’s creditors.• Supports SB 472 (2006) regarding Florida’s guardianship law as originally filed on 10/25/05, with two exceptions: (1) the proposed amendments to F.S. §744.441(19); and (2) the proposed amendments to F.S. §744.474(20).• Supports the creation of F.S. §689.072, Real Estate Interests Owned and Transferred by a Custodian or Trustee of an Individual Retirement Account or Qualified Plan, to rectify ambiguities within Florida Statutes regarding the ability of an IRA or qualified plan custodian to take title to real estate.• Supports legislation to simplify, improve, clarify and modernize the law governing land trusts in F.S. §689.071.last_img read more